NewWorld Capital Group LLC has invested in Maryland-based Astrum Solar Inc. and will take a place on the residential solar installer's board of directors. NewWorld named CCM US LLC and Constellation as co-investors in the transaction.
‘We are excited to be partnering with the management team of Astrum Solar and our co-investors in helping to build the residential solar industry in the United States,’ says Bill Hallisey, a managing partner at NewWorld. ‘We look forward to sharing in the company's success as it develops its leading position in the residential solar industry.’
NewWorld says the investment will enable Astrum Solar to expand its operations beyond its East Coast base into selected new markets across the U.S.
‘The Astrum management team is extremely pleased to partner with NewWorld Capital and CCM US, along with our series A investor, Constellation, as we expand our served markets across the United States,’ says Vadim Polikov, president of Astrum Solar. ‘The investor groups understand the residential solar market and are positioned to support Astrum in its continuing development efforts.’